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སདྡྷིཛྫི# + , ཝེ, ཨི HE is
-12.
ordinary observation : What then might be expected if forgers could imitate pieces worn out beyond recognition? How easily
18.
the remedy be can from in the years ago would be applied may what happened care of Japanese 20, 10 and 5 cent pieces.
These coins had for years circulated side by side with our own, and were received here, as Singapore ten cent piece now are, at their par value. The Japanese Government suddenly lowered the intrinsic value of its subsidiary coinage, and, at the same time, the coast of China was flooded with it.
The Banks here then refused to receive Japanese small coin, the Treasury did the same. The Government Department followed, within a few weeks tradesmen began to print on their accounts "Japanese small coin not taken". The coin sank to something like 16 per cent discount, at which it remains, and even a coolie in the street will not take a Japanese ten-cent piece as his fare if he can help it.
19. It only remains to enquire whether such a course as is suggested would give rise to any hardship. I venture to say
20.
that it would not. It must be borne in mind that this Government never sanctioned the export of subsidiary coin, and never undertook to redeem it on its return from the mainland in a bad condition.
Quite apart from that,
21.
however, every person who, on the mainland of China, takes these coins, does so because they are worth to him the value which he receives them. Nobody ever accepts a coin in China under any other conditions, and these conditions are, as I shall show, absolutely independent of any idea of a central authority which will, eventually